Core Viewpoint - The company plans to invest 135 million yuan in its wholly-owned subsidiary, Tianyue Company, to construct and operate a 200MW wind power project in Chengde, Hebei, with a total investment of approximately 1.13 billion yuan [1] Group 1 - The capital increase will raise Tianyue Company's registered capital to 150 million yuan, with the company retaining a 100% ownership stake [1] - The board of directors has approved the proposal, which does not require shareholder approval and does not constitute a related party transaction or a major asset restructuring [1] - The project has received the necessary approvals and is scheduled to be completed and put into operation by the end of 2027, although it may face risks related to policies and approvals [1]

Core Viewpoint - The company, Daoshengtianhe (601026.SH), primarily focuses on products used in wind power, new energy vehicles, and other industrial sectors, highlighting its role in the renewable energy market [1] Group 1: Product Applications - The company's products are mainly applied in the fields of wind power and new energy vehicles [1] - High-performance epoxy resins and sealing materials from the company exhibit strong material performance in electrical insulation, packaging, and protection [1] Group 2: Nuclear Power Sector - The company has not yet established large-scale or stable application cases in the nuclear power sector [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The space photovoltaic sector is gaining attention as leading companies increase investment in perovskite solar cell research and industrialization, which is expected to open new application scenarios for photovoltaics [6][7] - The deep-sea wind power project in Shandong has received approval, marking significant progress in the development of offshore wind energy, with expectations for substantial growth in this sector [6][11] - The energy storage and hydrogen sectors are seeing regulatory efforts to standardize competition, aiming to improve market order and sustainability [7] Summary by Sections Wind Power - The Shandong deep-sea wind power project has been approved, with a total capacity of 3000MW, utilizing 214 wind turbines of 14MW each [11] - The wind power index increased by 10.39%, outperforming the CSI 300 index by 7.60 percentage points, with a current PE_TTM of approximately 27.30 times [12] - The approval of the project indicates a significant advancement in offshore wind energy, supported by technological maturity and favorable policies [11] Photovoltaics - The space photovoltaic concept is gaining traction, with companies focusing on perovskite solar cells due to their lightweight and high-efficiency characteristics, which are suitable for space applications [6] - The photovoltaic equipment index rose by 3.86%, with the solar cell component index increasing by 5.82% [5] - The current PE_TTM for the photovoltaic sector is around 47.28 times, indicating strong market interest [5] Energy Storage & Hydrogen - A meeting held by various government bodies highlighted the rapid development of the energy storage and hydrogen battery industries, emphasizing the need for regulatory measures to curb irrational competition [7] - The energy storage index increased by 5.74%, with a current PE_TTM of 31.06 times, reflecting a healthy market outlook [5] - Recommendations for investment include companies with strong competitive positions in energy storage and distributed energy sectors [7]

Group 1 - The power equipment industry is benefiting from the global data center construction wave, with explosive growth in AIDC power equipment demand, particularly for leading companies in transformers and switchgear [1] - The photovoltaic industry is expected to improve its supply-demand dynamics under the "anti-involution" policy, with profitability in the silicon material segment likely to recover first; silver-free and low-silver pastes are seen as cost-reduction breakthroughs, with silver-free products expected to approach industrial-scale production by 2026 [1] - The domestic ultra-high voltage approvals and tenders are expected to accelerate by 2026, with a recovery in smart meter prices and strong growth in overseas business [1] Group 2 - The wind power industry is projected to maintain a 10%-20% growth in new installations by 2026, with offshore wind installations expected to reach 10-12 GW, benefiting companies in the submarine cable and pile segment [1] - Global energy storage demand is steadily increasing, with an expected installation of 404 GWh by 2026, representing a 38% year-on-year growth; domestic anti-involution policies are driving industry consolidation, and profitability is expected to bottom out and recover [1] - The photovoltaic 50ETF (159864) tracks the photovoltaic industry index (931151), which selects listed companies involved in the solar photovoltaic power generation industry chain, reflecting the overall performance and development trends of related listed companies in China [1]

Group 1 - The core viewpoint is that the maturity of reusable rocket technology is significantly reducing launch costs, leading to a "Moore's Law" moment in commercial space, which is driving huge demand for space photovoltaic technology [1] - Space photovoltaics must address high radiation, large temperature differences, and requirements for lightweight, cost-effective, and thin-film solutions [1] - Current technology pathways include gallium arsenide, which is mature but costly, and silicon technology, which has competitive routes such as P-type, HJT, and HBC that can achieve lightweight designs [1] - The market for space photovoltaics related to low Earth orbit satellites is projected to reach approximately 29.5 billion yuan by 2030, with optimistic scenarios suggesting the market could exceed one trillion yuan when considering space computing scenarios [1] Group 2 - The Science and Innovation New Energy ETF closely tracks the Shanghai Stock Exchange Science and Technology Innovation Board New Energy Index, which selects 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [2] - As of December 31, 2025, the top ten weighted stocks in the index include JinkoSolar, First Solar, Trina Solar, and others, collectively accounting for 46.84% of the index [2]

Core Viewpoint - The report from Guosheng Securities indicates a significant shift towards offshore wind power development in China, with expectations for accelerated planning and growth in the sector during the 14th Five-Year Plan period. Group 1: Wind Power Development - Onshore and offshore wind power tenders are projected to reach 97 GW and 5 GW respectively by the first three quarters of 2025, with approvals of 124 GW and 8.6 GW from January to November 2025 [1] - The "14th Five-Year Plan" aims to increase the share of wind power in new energy installations from 25% to 50%, targeting an annual installation capacity of 130 GW [1] - The government has explicitly stated the intention to develop offshore wind power, which is expected to be a key focus area for growth [1] Group 2: European Offshore Wind Market - European offshore wind is expected to accelerate, with policies supporting nearly 100 GW of offshore wind plans across multiple countries, and auction volumes anticipated to exceed 19.5 GW by 2025 [2] - The global floating wind market is projected to enter a growth phase, with an estimated 5.5 GW of floating wind projects expected to start installation by 2030 [2] - The domestic wind turbine market is experiencing price increases, with an average bid price for onshore wind turbines rising approximately 12% in the first ten months of 2025 compared to the previous year [2] Group 3: Submarine Cable Demand - The penetration rate of high-voltage direct current (HVDC) technology in domestic submarine cables is expected to increase, leading to a doubling of demand for submarine cables due to rising interconnection needs [3] - Major domestic cable manufacturers are expected to secure orders from Europe, where local production capacity is constrained [3] - The total demand for submarine cables from 2025 to 2040 is projected to reach 231,800 km, with approximately 89,000 km dedicated to power interconnections [3] Group 4: Offshore Engineering Sector - The domestic offshore engineering sector is witnessing a profitability turning point, with increased utilization rates expected to enhance earnings [4] - European offshore wind projects are facing tight capacity and rising prices due to production delays and labor strikes [4] - Companies that can produce floating foundations are likely to enjoy higher profit margins due to the complexity and cost associated with their production [4] Group 5: Component Market - The production capacity for main shaft castings is under pressure, with increased demand for gearboxes and bearings expected [5] - The market share for gearbox manufacturers is anticipated to grow as they expand production capacity [5] Group 6: Investment Recommendations - Key companies to watch in the turbine sector include Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Heavy Energy [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Oriental Cable, and Tianjun Wind Power are highlighted as potential investment opportunities [6] - Component manufacturers like Jinlei Co., Delijia, and Weili Transmission are also recommended for consideration [6]

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 出口退税产业有预期，太空光伏远期空间大 2026 年 01 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2025/1/13 2025/5/13 2025/9/10 2026/1/8 电力设备 沪深300 ◼ 风险提示：投资增速下滑，政策不及市场预期，价格竞争超市场预期 相关研究 《锂电价格快速联动，太空光伏远期 空间大》 2026-01-05 《锂电储能淡季不淡、碳酸锂价格超 预期上涨》 2025-12-29 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 10595 上涨 5.02%，表现强于大盘。（本周，1 月 5 日-1 月 9 ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The global sales of new energy vehicles are expected to grow rapidly in 2026, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is working to regulate competition in the power and energy storage battery industry, which is likely to improve profitability across the supply chain [1]. - Sodium batteries are anticipated to enter large-scale applications, while solid-state battery industrialization is progressing, highlighting the importance of related materials and equipment companies [1]. - The photovoltaic sector is focusing on "anti-involution" as a key investment theme, with regulatory discussions aimed at controlling upstream silicon material prices and enhancing profitability in downstream battery components [1]. - The demand for wind power is expected to continue growing, supported by government initiatives for new photovoltaic and wind power projects [1]. - The energy storage sector remains robust, with recommendations to focus on energy cell and large-scale integration manufacturers [1]. - Hydrogen energy is projected to open new demand avenues, particularly in green hydrogen applications, with a focus on equipment and operational segments [1]. - Nuclear fusion is identified as a long-term energy development direction, with recommendations to monitor core suppliers in this area [1]. Summary by Sections New Energy Vehicles - Expected sales in 2025 for new energy passenger vehicles in China are projected at 12.809 million units, a year-on-year increase of 17.6% [2]. Battery Technology - CATL announced plans for large-scale sodium battery applications in 2026, while solid-state battery prototypes are entering real vehicle testing [2]. Photovoltaic Industry - The cancellation of VAT export rebates for photovoltaic products is set to take effect from April 1, 2026, impacting market dynamics [2]. - The photovoltaic industry is experiencing price adjustments, with silicon material prices rising and a focus on maintaining profitability in the supply chain [15][19]. Wind Power - The wind power sector saw significant growth, with a 22.06% increase in stock prices for wind energy companies [10][13]. Energy Storage - The price of lithium carbonate has risen significantly, with current prices around 115,000-119,000 RMB per ton, reflecting a 19.1% increase [27]. - Energy cell prices for various models have also increased, with the average price for 100 Ah cells at 0.403 RMB per watt-hour, up from previous levels [28]. Market Trends - The overall power equipment and new energy sector saw a 5.02% increase in stock prices, outperforming the broader market indices [10][13].

Core Viewpoint - The successful grid connection of the Huaneng Shandong Peninsula North L offshore wind power project marks a significant breakthrough for China's offshore wind power in deep waters, indicating a new direction for clean energy development in the country [1][2]. Group 1: Project Details - The Huaneng Shandong Peninsula North L offshore wind power project has a total installed capacity of 504,000 kilowatts and an annual power generation of approximately 1.7 billion kilowatt-hours, saving about 500,000 tons of standard coal each year [2]. - This project is not only the deepest offshore wind power project in commercial operation in China but also the farthest offshore and has the largest single unit capacity in Shandong Province [2]. - The project employs an innovative four-pile jacket foundation structure, reaching a height of 83.9 meters, which is the highest of its kind in the country, ensuring the safety and stability of wind turbines in complex geological environments [2]. Group 2: Industry Trends and Future Outlook - The successful grid connection of this project is seen as a key direction for future clean energy capacity additions, driving upgrades and innovations across the entire industrial chain, including high-end equipment manufacturing and intelligent operations [2]. - By 2035, China aims to achieve a wind and solar installed capacity of 3.6 billion kilowatts, with deep offshore wind power becoming an essential battlefield due to limited resources on land and nearshore [2]. - The offshore wind power sector is expected to enter a high-speed development phase during the 14th Five-Year Plan period, with annual new installed capacity projected to be no less than 15 million kilowatts [7]. Group 3: Policy Support - Recent government policies, including a 50% VAT refund for electricity generated from offshore wind, are expected to significantly reduce operational costs and enhance project profitability [5]. - The National Energy Administration has emphasized the need to promote deep offshore wind power development and is working on relevant planning and management policies to facilitate orderly construction [4][5]. - The focus of offshore wind power development is shifting from nearshore to deep offshore, with technological innovations moving towards more adaptable floating wind technologies [8]. Group 4: Market Activity - Several listed companies are actively entering the offshore wind power market, with Jinlun Technology launching a new generation of wind power products designed for deep offshore applications [8]. - The market is expected to see a significant increase in offshore wind turbine bidding, with projections of 15 to 20 gigawatts in 2026, setting a new historical high [7].

Core Viewpoint - The strong stock performance of Goldwind Technology is linked to its investment in Blue Arrow Aerospace, which is expected to become China's first commercial aerospace IPO, leading to significant market speculation and investor interest [2][4]. Investment Performance - Goldwind Technology's stock has experienced a four-day limit-up streak, with a market capitalization reaching 134.9 billion yuan [2][4]. - The company holds a 4.14% stake in Blue Arrow Aerospace, which is valued at approximately 31.06 million yuan based on the company's fundraising plans [6][7]. - Goldwind's investment strategy has shifted towards later-stage projects with clear technological paths and market prospects, collaborating with major venture capital firms [9]. Financial Performance - In the first three quarters of 2025, Goldwind achieved a net profit of 2.584 billion yuan, a year-on-year increase of about 44% [3][10]. - The company has consistently reported significant investment income, with net investment income exceeding 10 billion yuan annually from 2017 to 2021, and maintaining around 20 billion yuan in subsequent years [10]. - Cumulatively, Goldwind has generated approximately 37.5 billion yuan in profits since its listing in 2007 [11]. Market Position - Goldwind is a leading provider of wind power solutions, with a strong competitive edge in the wind energy sector, holding the top position in domestic and global new wind power installations for several consecutive years [13]. - The company has established a global presence, operating in 47 countries across six continents, with a total installed capacity of 11,214.62 MW outside China [13].